As noted above, Revelio Labs reported 19,400 job gains in March, driven mostly by healthcare and social services. Meanwhile, job openings declined, falling to 6.88 million in February from 7.24 million in January and well below their peak of over 12 million in 2022. The real number may be even lower, as some remote jobs are posted in multiple locations.
New unemployment claims remain relatively low at 202,000, but that number may not capture everyone affected. Somedisplaced workers are turning to gig or freelance work instead of filing for benefits, especially when unemployment supportdoesn’t fully cover basic expenses.
Continuing unemployment claims, which track people still receiving benefits, remain elevated at 1.84 million. This suggests it’staking longer for job seekers to find new roles.
Lastly, Challenger, Gray & Christmas reported just over 60,000 job cuts in March, following nearly 50,000 in February. Hiring plans did improve, increasing to about 32,800.
What’s the bottom line?
These trends suggest the labor market may be slowing, even as some sectors continue to see growth.